Discussion of various forms of Advance Fee Fraud, including application fees for loans that never materialize, self-liquidating loan scams, as well as mortgage elimination scams and related debt elimination scams [Nigerian-type scams should go in the Nigerian 4-1-9 forum]

I was referred to this guy thru a banking broker that I have been working with for several months to obtain a traditional SBA loan. I have a fair amount of trust for my broker because I have been working with her for months, she is local, and we share some trusted contacts together. That being said, the broker has very little information on the individual that is trying to work this new deal.

It just sounds too good to be true to me (so it probably is). Essentially this guy is saying that there are some Non-Recourse funding solutions available as a feeder program to the new stimulus program that President Obama is trying to push thru Congress. The scenario is that you are buying a financial instrument. There is an $8K engagement fee with an NCND. Once engaged, they release a lot more of the details of the product. If I am satisfied with the arrangement I am to deposit $200k into escrow where it will stay for 25 international banking days. After the term is up, I essentially have bought the investment for the $200k and I am returned approximately $2.2M

He is saying that the money I am putting up is going to the bank to reseed their capital resources which will allow them to offer more traditional loans down the line, and that is how they will make their true profit.

I will share more info with one of you trusted admins via PM if you like. I’d rather not throw out names and details on this public forum in case by sheer magic this is something that is for real. I have done my best to research the individuals and the names of the institutions they represent but I have found very little information on either.

I think you'll have an easier time convincing the courts that income taxation is voluntary, than you will in seeing any of your money back on this "deal", let alone seeing any profit.

"We've been attacked by the intelligent, educated segment of the culture." -- Pastor Ray Mummert, Dover, PA, during an attempt to introduce creationism -- er, "intelligent design", into the Dover Public Schools

Do not even walk.
Run away from this one as fast as you can.
While you do so, ponder the value of your banking broker after having passed this information on to you.
Ponder the possibility of referral fees.

Taxes are the price we pay for a free society and to cover the responsibilities of the evaders

Then they will only give you the super duper double secret password after you hand over the “$8K engagement fee”, which should be another warning. If this were on the up and up this wouldn’t be necessary.

Then they expect you to hand them another $200K when you are in fact looking for money to borrow. Does this not somehow seem a bit bassakwards to you??

So what, they are supposedly selling you is a $2.2M dollar piece of paper for the low low low price of $228,000, right???? What part of this does not shout crock at you in screaming red capitals????

See previous advise, only run faster. I would also seriously consider any and all contact you’ve had with your so called “broker”, and I would report both of them to your state AG and banking commission for advanced fee fraud.

The fact that you sincerely and wholeheartedly believe that the “Law of Gravity” is unconstitutional and a violation of your sovereign rights, does not absolve you of adherence to it.

I’ve decided its way better for me to miss out on the deal of the century than to be left holding the bag on this, so I haven’t (nor will I) actually be losing any money here. I have spent some time investigating it, and have lost a little sleep mulling it over in my mind, but I haven’t really lost anything. I don’t really know that they are doing anything illegal, but it certainly sounds fishy. Having said that, does the AG really want to hear about my suspicions on something like this? If they do, do I contact my state AG or the AG of the state that the guy is working out of?

tryingtobesafe wrote:Having said that, does the AG really want to hear about my suspicions on something like this? If they do, do I contact my state AG or the AG of the state that the guy is working out of?

Yes, that is why they call it fraud investigation. Both AG's would be interested in it.

Plus what wserra said....

The fact that you sincerely and wholeheartedly believe that the “Law of Gravity” is unconstitutional and a violation of your sovereign rights, does not absolve you of adherence to it.

Because of the deposit money they are looking for it seems to fit into this category. I'm 99% certain it's a scam, but I'm not willing to put my money into it to find out for certain. That being said, I'm very intrigued as to why I can't find anything negative on the people and companies involved. The only thing I can come up with is that they are stealing names that are fairly clean or that they are relatively new at the scam. I’m guessing it has to be the former, because they seem very convincing and confident when they speak – they’ve been to this dance before.